Pareto Optimum - translation to Αγγλικά
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Pareto Optimum - translation to Αγγλικά

ECONOMIC CONCEPT OF A STATE IN WHICH NO REALLOCATION OF RESOURCES CAN MAKE EVERYONE AT LEAST AS WELL OFF
Pareto optimality; Pareto efficient; Pareto optimal; Pareto optimum; Weakly Pareto Optimal; Strongly pareto optimal; Strongly Pareto Optimal; Pareto Optimality; Strongly Pareto optimal; Weakly Pareto optimal; Pareto set; Pareto Efficiency; Pareto-optimal; Pareto improvement; Efficiency (fair division); Pareto-efficient; Constrained Pareto optimal; Constrained Pareto efficiency; Pareto dominant; Pareto inefficient; Pareto dominance; Constrained pareto efficiency; Pareto-optimality; Paretian; Strong Pareto optimum; Weak Pareto optimum; Pareto optimality set; Pareto optimal set; Pareto criterion; Pareto-improvement; Pareto-improving; Pareto dominated; Skyline query; Pareto optimal outcome; Pareto-efficiency; Weak pareto optimality; Fractional pareto optimality; Pareto Criterion

Pareto Optimum         
Pareto Optimum (situatie van economisch welvaart hoogtepunt)
Vilfredo Pareto         
  • ''Compendio di sociologia generale'', 1920
ITALIAN ECONOMIST AND SOCIOLOGIST (1848-1923)
V. F. D. Pareto; V. Pareto; Vilfredo Federico Damaso Pareto; Marquis Vilfredo Frederico Damaso Pareto; Vifredo Pareto; Vilifredo Pareto; Vilfredo Paredo; Wilfried Pareto; Wilfredo Pareto; Wilfried Fritz Pareto
n. Vilfredo Pareto, (1848-1923) Italiaanse socioloog en econoom in Zwitserland
Pareto principle         
STATISTICAL PRINCIPLE ABOUT RATIO OF EFFECTS TO CAUSES
80-20 Rule; 80-20 rule; Law of the vital few; 90/10 law; Principle of factor sparsity; 80-20 principle; Pareto rule; Pareto Principle; 80:20 rule; 20-80 rule; 20/80 rule; 80/20 rule; Pareto's principle; Pareto's Principle; 80 20 rule; 80/20 principle; Rule of 80-20; 80/20 Rule; 80-20 law; 80-20 Law; 80–20 rule; Pareto law
Pareto principe (een theorie die vaststelt dat een gewenste economische politiek gunstig is voor een deel van de populatie en het overige deel niet kwetst)

Βικιπαίδεια

Pareto efficiency

Pareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off. The concept is named after Vilfredo Pareto (1848–1923), Italian civil engineer and economist, who used the concept in his studies of economic efficiency and income distribution. The following three concepts are closely related:

  • Given an initial situation, a Pareto improvement is a new situation where some agents will gain, and no agents will lose.
  • A situation is called Pareto-dominated if there exists a possible Pareto improvement.
  • A situation is called Pareto-optimal or Pareto-efficient if no change could lead to improved satisfaction for some agent without some other agent losing or, equivalently, if there is no scope for further Pareto improvement.

The Pareto front (also called Pareto frontier or Pareto set) is the set of all Pareto-efficient situations.

Pareto originally used the word "optimal" for the concept, but as it describes a situation where a limited number of people will be made better off under finite resources, and it does not take equality or social well-being into account, it is in effect a definition of and better captured by "efficiency".

In addition to the context of efficiency in allocation, the concept of Pareto efficiency also arises in the context of efficiency in production vs. x-inefficiency: a set of outputs of goods is Pareto-efficient if there is no feasible re-allocation of productive inputs such that output of one product increases while the outputs of all other goods either increase or remain the same.

Pareto efficiency is measured along the production possibility frontier (PPF), which is a graphical representation of all the possible options of output for two products that can be produced using all factors of production.

Besides economics, the notion of Pareto efficiency has been applied to the selection of alternatives in engineering and biology. Each option is first assessed, under multiple criteria, and then a subset of options is ostensibly identified with the property that no other option can categorically outperform the specified option. It is a statement of impossibility of improving one variable without harming other variables in the subject of multi-objective optimization (also termed Pareto optimization).